{"id":7302,"date":"2026-03-12T17:19:01","date_gmt":"2026-03-12T17:19:01","guid":{"rendered":"https:\/\/woolypooly.com\/en\/blog\/?p=7302"},"modified":"2026-04-01T09:10:26","modified_gmt":"2026-04-01T09:10:26","slug":"end-of-the-big-bitcoin-mining-bull-cycles","status":"publish","type":"post","link":"https:\/\/woolypooly.com\/en\/blog\/end-of-the-big-bitcoin-mining-bull-cycles","title":{"rendered":"End of the Big Bitcoin Mining Bull Cycles? What Canaan\u2019s VP Said \u2014 and Why Foundry Is Launching a Zcash Pool"},"content":{"rendered":"\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\"><h2>Table of Contents<\/h2><nav><ul><li><a href=\"#a-historic-milestone-and-a-warning-for-miners\">A historic milestone \u2014 and a warning for miners<\/a><\/li><li><a href=\"#why-some-industry-leaders-think-the-golden-age-of-bitcoin-mining-may-be-ending\">Why some industry leaders think the \u201cgolden age\u201d of Bitcoin mining may be ending<\/a><\/li><li><a href=\"#why-foundrys-move-into-zcash-is-significant\">Why Foundry\u2019s move into Zcash is significant<\/a><\/li><li><a href=\"#the-strategy-miners-are-increasingly-adopting\">The strategy miners are increasingly adopting<\/a><\/li><li><a href=\"#why-diversification-tools-matter-more-than-ever\">Why diversification tools matter more than ever<\/a><\/li><li><a href=\"#the-next-decade-of-mining-will-belong-to-adaptive-miners\">The next decade of mining will belong to adaptive miners<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"a-historic-milestone-and-a-warning-for-miners\">A historic milestone \u2014 and a warning for miners<\/h2>\n\n\n\n<p>On March 11, 2026, Bitcoin quietly crossed one of the most important milestones in its history.<br>More than <strong>20 million BTC have now been mined<\/strong>, leaving less than one million coins before the network reaches its hard cap of <strong>21 million Bitcoin<\/strong>.<\/p>\n\n\n\n<p>At first glance, the milestone sounds bullish. Bitcoin scarcity is one of the main reasons the asset has grown into a trillion-dollar market over the years. But behind this symbolic moment, the economics of mining are becoming increasingly complex.<\/p>\n\n\n\n<p>At the same time this milestone was reached, two important announcements emerged within days of each other.<\/p>\n\n\n\n<p>First, <strong>Leo Wang, Vice President at Canaan<\/strong>, one of the world\u2019s largest ASIC manufacturers, suggested that the industry might be approaching <strong>the last truly explosive bull cycle for Bitcoin miners<\/strong>.<\/p>\n\n\n\n<p>Second, <strong>Foundry \u2014 the operator of the world\u2019s largest Bitcoin mining pool \u2014 announced plans to launch an institutional mining pool for Zcash<\/strong>, scheduled for April 2026.<\/p>\n\n\n\n<p>Taken together, these developments reveal a deeper trend inside the mining industry:<br><strong>the era of relying on a single PoW asset may be ending.<\/strong><\/p>\n\n\n\n<p>For miners \u2014 from small <a href=\"https:\/\/woolypooly.com\/en\/blog\/crypto-mining-rig\" data-type=\"post\" data-id=\"3753\">GPU rigs<\/a> to large farms \u2014 the message is becoming increasingly clear: adaptability and diversification are becoming essential.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/woolypooly.com\/en\/blog\/wp-content\/themes\/maktub\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/www.tbstat.com\/cdn-cgi\/image\/f%3Davif%2Cq%3D50\/wp\/uploads\/2026\/03\/graph-1.png\" alt=\"https:\/\/www.tbstat.com\/cdn-cgi\/image\/f%3Davif%2Cq%3D50\/wp\/uploads\/2026\/03\/graph-1.png\" title=\"\"><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"why-some-industry-leaders-think-the-golden-age-of-bitcoin-mining-may-be-ending\">Why some industry leaders think the \u201cgolden age\u201d of Bitcoin mining may be ending<\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/woolypooly.com\/en\/blog\/wp-content\/themes\/maktub\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/8J5hbEZYo2fh6GcooG_zcQ--~B\/aD02NzU7dz0xMDEzO2FwcGlkPXl0YWNoeW9u\/https%3A\/\/media.zenfs.com\/en\/blockspace_702\/6ca78c3bd80045ec392d579c5d5903b3\" alt=\"https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/8J5hbEZYo2fh6GcooG_zcQ--~B\/aD02NzU7dz0xMDEzO2FwcGlkPXl0YWNoeW9u\/https%3A\/\/media.zenfs.com\/en\/blockspace_702\/6ca78c3bd80045ec392d579c5d5903b3\" title=\"\"><figcaption class=\"wp-element-caption\"><strong>Leo Wang of Canaan<\/strong><\/figcaption><\/figure>\n\n\n\n<p>In a recent interview discussing the future of mining economics, <strong><a href=\"https:\/\/www.linkedin.com\/in\/leowangcanaan\" target=\"_blank\" rel=\"noopener\">Leo Wang<\/a> of Canaan<\/strong> made a statement that caught the attention of many miners.<\/p>\n\n\n\n<p>He suggested that <strong>after the 2028 <a href=\"https:\/\/woolypooly.com\/en\/blog\/bitcoin-halving\" data-type=\"post\" data-id=\"2014\">Bitcoin halving<\/a><\/strong>, miners may no longer experience the same explosive profitability cycles that characterized previous years.<\/p>\n\n\n\n<p>His reasoning is grounded in several long-term trends shaping the industry.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Block rewards continue to shrink<\/h3>\n\n\n\n<p>Bitcoin\u2019s monetary policy is fixed. Every four years the network undergoes a <strong>halving<\/strong>, reducing the block reward paid to miners.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2020 reward: <strong>6.25 BTC<\/strong><\/li>\n\n\n\n<li>2024 reward: <strong>3.125 BTC<\/strong><\/li>\n\n\n\n<li>Expected 2028 reward: <strong>1.5625 BTC<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Each halving makes mining revenue increasingly dependent on <strong>transaction fees and price appreciation<\/strong> rather than block rewards alone.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Global hashrate keeps climbing<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/woolypooly.com\/en\/blog\/wp-content\/themes\/maktub\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/images.openai.com\/static-rsc-3\/7qF4nx8fnR-C3xUAVdrcwE9_is-hn0xrDEuv3nepXYZQCbfJ1DRgUV-f4HBLIH8qFHciYl4SIYpwnQYT20X0dvp4PjLFk40l4NQWh_ZjO5E?purpose=inline\" alt=\"https:\/\/images.openai.com\/static-rsc-3\/AUhAIJxo6y2yHkb2sUE60Y1I-NtSsPA494KG7qnih3fl1GX8c3bb_pkFWfDr7qh2Hr1RWnigSvdmZk9fy2g2Gr1QFRBw4u2rzlOZz-KeKzs?purpose=fullsize&amp;v=1\" title=\"\"><\/figure>\n\n\n\n<p>The Bitcoin network hashrate continues to grow as more industrial-scale mining operations come online.<\/p>\n\n\n\n<p>New ASIC generations are deployed every year, and large mining companies continue expanding infrastructure in regions with cheap power.<\/p>\n\n\n\n<p>While this strengthens the network, it also means:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>higher mining difficulty<\/strong><\/li>\n\n\n\n<li><strong>thinner profit margins<\/strong><\/li>\n\n\n\n<li><strong>faster hardware obsolescence<\/strong><\/li>\n<\/ul>\n\n\n\n<p>For smaller miners, the competition has never been tougher.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Energy costs and infrastructure are rising<\/h3>\n\n\n\n<p>Electricity has always been the largest operational expense for miners. But global energy markets have become more volatile, and new data centers require increasingly sophisticated cooling and power management systems.<\/p>\n\n\n\n<p>Large public mining companies such as <strong><a href=\"https:\/\/www.riotplatforms.com\/\" target=\"_blank\" rel=\"noopener\">Riot Platforms<\/a>, Marathon Digital, and CleanSpark<\/strong> are investing heavily in infrastructure \u2014 and some are even shifting part of their capacity toward <strong>AI and high-performance computing workloads<\/strong>.<\/p>\n\n\n\n<p>This shift highlights a broader trend:<br>mining companies are increasingly diversifying revenue sources.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"why-foundrys-move-into-zcash-is-significant\">Why Foundry\u2019s move into Zcash is significant<\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/woolypooly.com\/en\/blog\/wp-content\/themes\/maktub\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/s3.tradingview.com\/news\/image\/cointelegraph%3A9e6372e94094b-f237ff9bba9de66d79d9cafd3f607040-resized.webp\" alt=\"https:\/\/s3.tradingview.com\/news\/image\/cointelegraph%3A9e6372e94094b-f237ff9bba9de66d79d9cafd3f607040-resized.webp\" title=\"\"><\/figure>\n\n\n\n<p>Almost simultaneously with the Canaan interview, another piece of news caught the attention of the mining community.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/foundrydigital.com\/\" target=\"_blank\" rel=\"noopener\">Foundry<\/a><\/strong>, the operator of the largest Bitcoin <a href=\"https:\/\/woolypooly.com\/en\/blog\/mining-pool\" data-type=\"post\" data-id=\"2953\">mining pool<\/a> in the world, announced plans to launch a <strong>new institutional mining pool for <a href=\"https:\/\/z.cash\/\" data-type=\"link\" data-id=\"https:\/\/z.cash\/\">Zcash<\/a> (ZEC)<\/strong> in April 2026.<\/p>\n\n\n\n<p>The pool will focus on:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>regulatory compliance<\/li>\n\n\n\n<li>institutional-grade infrastructure<\/li>\n\n\n\n<li>enterprise-level mining operations<\/li>\n<\/ul>\n\n\n\n<p>According to the announcement, the new service will provide <strong>\u201ccompliance-first infrastructure built by the team behind the world\u2019s #1 Bitcoin mining pool.\u201d<\/strong><\/p>\n\n\n\n<p>This is notable for several reasons.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Even the largest Bitcoin pool is diversifying<\/h3>\n\n\n\n<p>Foundry\u2019s decision suggests that diversification is not just a strategy for smaller miners.<\/p>\n\n\n\n<p>When the largest BTC mining pool expands into another Proof-of-Work network, it sends a signal:<br><strong>relying solely on Bitcoin mining may no longer be the optimal strategy for everyone.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Zcash remains one of the major GPU-mined networks<\/h3>\n\n\n\n<p>Unlike Bitcoin, which is dominated by ASIC hardware, Zcash still provides opportunities for miners operating GPU-based infrastructure.<\/p>\n\n\n\n<p>Its hashrate remains significantly lower than Bitcoin\u2019s, which means:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>competition can be less intense<\/li>\n\n\n\n<li>entry barriers are lower<\/li>\n\n\n\n<li>profitability can fluctuate depending on market conditions<\/li>\n<\/ul>\n\n\n\n<p>For miners looking to diversify their hashrate allocation, networks like Zcash remain an important part of the ecosystem.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-strategy-miners-are-increasingly-adopting\">The strategy miners are increasingly adopting<\/h2>\n\n\n\n<p>The mining industry is not disappearing. But its structure is evolving.<\/p>\n\n\n\n<p>Many experienced miners today are moving toward a <strong>multi-coin strategy<\/strong>.<\/p>\n\n\n\n<p>Instead of pointing all their hardware to a single network, they distribute hashrate across several Proof-of-Work coins.<\/p>\n\n\n\n<p>Typical setups may include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bitcoin for long-term stability<\/li>\n\n\n\n<li>alternative PoW networks for higher short-term profitability<\/li>\n\n\n\n<li>opportunistic switching depending on market conditions<\/li>\n<\/ul>\n\n\n\n<p>This approach helps miners:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>smooth revenue fluctuations<\/li>\n\n\n\n<li>reduce risk from difficulty spikes<\/li>\n\n\n\n<li>react faster to changing market dynamics<\/li>\n<\/ul>\n\n\n\n<p>In an environment where margins are tighter than they were during previous bull cycles, flexibility can become a significant advantage.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"why-diversification-tools-matter-more-than-ever\">Why diversification tools matter more than ever<\/h2>\n\n\n\n<p>For miners who want to experiment with different networks, infrastructure becomes important.<\/p>\n\n\n\n<p>Mining pools that support <strong>multiple coins, transparent statistics, and fast payouts<\/strong> allow miners to test strategies without complex configuration changes.<\/p>\n\n\n\n<p>Platforms like <strong>WoolyPooly<\/strong> already support dozens of Proof-of-Work networks, allowing miners to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>switch between coins easily<\/li>\n\n\n\n<li>monitor profitability<\/li>\n\n\n\n<li>test diversification strategies in real time<\/li>\n<\/ul>\n\n\n\n<p>Instead of waiting for large institutional services to launch new pools months later, miners can experiment today and compare real-world results.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-next-decade-of-mining-will-belong-to-adaptive-miners\">The next decade of mining will belong to adaptive miners<\/h2>\n\n\n\n<p>The milestone of <strong><a href=\"https:\/\/woolypooly.com\/en\/blog\/twenty-million-bitcoin-mined\" data-type=\"post\" data-id=\"7294\">20 million mined Bitcoin<\/a><\/strong> marks an important moment in the network\u2019s history.<\/p>\n\n\n\n<p>But it also highlights a deeper reality.<\/p>\n\n\n\n<p>Bitcoin mining is becoming more competitive, more capital-intensive, and more dependent on efficiency than ever before.<\/p>\n\n\n\n<p>The miners who succeed in the coming decade will likely be those who:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>optimize energy usage<\/li>\n\n\n\n<li>upgrade hardware strategically<\/li>\n\n\n\n<li>monitor market profitability<\/li>\n\n\n\n<li>and diversify across multiple Proof-of-Work networks when necessary<\/li>\n<\/ul>\n\n\n\n<p>Bitcoin mining is not ending.<\/p>\n\n\n\n<p>But the era of <strong>easy profitability from a single coin<\/strong> may be gradually fading.<\/p>\n\n\n\n<p>For miners willing to adapt, however, the industry still offers significant opportunities \u2014 especially for those ready to explore multiple networks and evolving mining strategies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A historic milestone \u2014 and a warning for miners On March 11, 2026, Bitcoin quietly crossed one of the most important milestones in its history.More&#8230;<\/p>\n","protected":false},"author":1,"featured_media":7305,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-7302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mining"],"_links":{"self":[{"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/posts\/7302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/comments?post=7302"}],"version-history":[{"count":3,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/posts\/7302\/revisions"}],"predecessor-version":[{"id":7328,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/posts\/7302\/revisions\/7328"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/media\/7305"}],"wp:attachment":[{"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/media?parent=7302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/categories?post=7302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/woolypooly.com\/en\/blog\/wp-json\/wp\/v2\/tags?post=7302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}